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Maturity Benefits For Different Term Life Insurance Plans

Choose a life insurance policy with the best maturity benefit will offer you and your loved ones financial stability at the end of the tenure of the plan. Choose from the top life insurance products in the market offered by the best life insurers.
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Life Insurance
  • Claim up to Rs. 1,50,000 deduction under section 80C*
  • Insurers provide online renewal of policy
  • Choose between annual and monthly premium payment options

Term insurance plans are basically protection plans. They are particularly designed to protect your family against unforeseen circumstances. These are three types of term insurance plans available in India which include - increasing benefit, level benefit and decreasing benefit. A term insurance plans is a must for the bread winner of a family and for those whose health is not in a good condition.

Maturity Benefits

Maturity benefits refers to the amount received by a policyholder or nominee when a policy matures. A tem insurance policy needs to be active or in force to avail these maturity benefits. Term life insurance policies may include the followings as maturity benefits:

  • The basic sum assured.

  • Accrued guaranteed additions and vested simple reversionary bonuses (if any).

  • Terminal bonus (if applicable).

Term Insurance With Maturity Benefit India

The term life insurance plans with maturity benefits are slightly different form the traditional life insurance plans. Normally, a traditional term insurance policy does not offer any direct maturity benefits to the policyholder. They only provide death benefits when a policyholder dies within the policy term.

So, if any buyer/policyholder wants to have maturity benefit, he/she can opt for a TROP (Term Return of Premium) plan. A term return of premium plan provides income replacement and refund the premiums at maturity, apart from offering all benefits of a traditional term life insurance plan. A TROP plan is a variant of pure term insurance plan and ensures maturity benefits, if the policyholder survives till the end of policy tenure.

Key Features of Term Plans With Maturity Benefit

The term life insurance plans with maturity benefits or term return of premium plans come with a lot of attractive features. Listed below are the key features of term life insurance plans with maturity benefits:

Free-look period

15 days for manually purchased policy

30 days for policies purchased online.

Entry Age

Minimum entry age:18 years

Maximum entry age: 65 years

Grace period

15 to 30 days based upon policy modes. Usually, 15 days for monthly mode policies and 30 days for other modes.

Plan type

Term insurance plans offers flexibility in terms of choosing a plan. One can choose a plan on single life basis or joint life basis.

Premium paying term

Single pay, Limited pay and Regular pay.

Age at maturity

25 year/ 65 years/ 75 years to whole life. Differ from policy to policy.

Policy revival

The policy can revived within two years from the date of unpaid premium.

Premiums

Based on sum assured and age of the applicant.

Nomination

Term life insurance policies with maturity benefits accept nomination.

Premium paying frequency

Yearly/ monthly.

Sum Assured

Vary from policy to policy offered by various life insurance companies.

Policy coverage

Death benefits and maturity benefits.

Policy term

Minimum- 5 years

Maximum – 30-35 years

Benefits of Term Insurance With Maturity Benefit

The term life insurance plans with maturity benefits offer a number of attractive benefits which include:

  • Death Benefits: Term insurance plans offer death benefits to designated nominees. The nominees will receive these death benefits, if the life assured dies within the policy tenure.

  • Maturity Benefits: Normally, traditional life insurance policies don’t offer maturity benefits. But term return of premium life insurance policies offer maturity benefits by returning the total amount of premiums paid so far, provided a policy is continued till the end of term.

  • Tax Benefits: A policyholder can enjoy tax benefits over the premiums paid for term life insurance plans with maturity benefits. The premiums paid and the amount received are exempted from income tax assessment under section 80C and 10 (10D) of the Indian Income Tax Act, 1961.

  • Term life insurance plans with maturity benefits also offer additional riders such as Critical Illness and Accidental Death or Disability riders.

  • Term life insurance plans come at affordable premiums rates.

Top 5 Term Insurance Plans With Maturity Benefit India

Listed below are some of the term life insurance plans in India that come with maturity benefits.

  1. LIC Jeevan Pramukh: This is an Endowment Assurance term life insurance plan offered by Life Insurance Corporation of India. The plan provides financial protection against death throughout the policy term and provides maturity benefits, provided the policyholder holder survives till end of policy term. The policy would pay the sum assured accompanied by accrued guaranteed additions, vested simple reversionary bonuses and terminal Bonus( if any) in a lump-sum as maturity benefits.

  2. MetLife Suraksha TROP: It is a non-participating term life insurance plan offered by PNB MetLife. The plan not only provides life insurance coverage at nominal cost, it also offers the total of all premiums paid along with guaranteed additions.

  3. Max Life Premium Return Protection Plan: This is a term insurance plan with maturity benefits offered by Max Life Insurance Company. The plan not only protects your family against eventualities, it also returns all your premiums paid at maturity.

  4. Aviva iShieldPlan: This is an online non-linked non participating term life insurance plan offered by Aviva. The plan provides guaranteed survival benefits/ money back benefits at maturity which is 110% of total premiums paid.

  5. Tata AIA Life Insurance iRaksha TROP: This is an online term return of premium plan which a returns all total premiums paid, if the policyholder survives till the end of policy term.

How to Choose The Best Term Insurance Plans With Maturity Benefits

In order to choose the best the term life insurance plan with maturity benefits, you need to shop around and do a primary research. Then, compare the plans available in the insurance market and pick up a one based on your requirement.

MATURITY BENEFITS RELATED ARTICLES

Term Insurance Plans For Couples

Term insurance is one of the most preferred type of insurance that many people seek today. This is mostly because of the benefits it offers, which include pure risk protection at an affordable price. Couples who are looking to purchase an insurance policy have the option of either going in for a single life insurance policy or a joint life insurance policy.

In this article, we bring to you some important information about both these types of policies and also some important points of distinction between joint and single life insurance policies on various crucial parameters. You can also read about some term insurance policies which are available specially for couples as well . Read More...

Things You Should Know About Term Insurance Plan Premium Calculators

Those of us who have taken a loan must be familiar with a loan EMI calculator. But did you know, you can also find out the approximate premium you have to pay on your term insurance plan with the help of a term insurance premium calculator? Just like for loans, now you can take the help of an online premium calculator to find out how much an insurance plan is going to cost you.

The working of these calculators is simple and the user is required to provide some policy related information such as their name, age, date of birth, plan type, sum assured, policy term, premium payment term, riders, and other related data. If you too are looking to get a term insurance plan, you will find this article helpful as it talks about some of the important features and benefits which these premium calculators offer and how they work. Read More...

Top 10 Best Performing Term Insurance Plans In India

Planning for the future is something which many of us avoid doing till the very last moment. However, as we grow older, our responsibilities not only towards our own selves but also our family members change. If you are looking after dependent family members, it is a part of your responsibility to ensure that your dependent family members are financially secure if something were to happen to you. For this purpose, a term insurance plan is the best life insurance option available for you.

As you would know, term insurance is also considered to be the purest form of insurance which provides cover against the risk of death. This is a simple and easy to understand insurance plan which offers adequate financial protection to your loved ones if you were to pass away unpredictably.

Not only that, you can also opt for a number of riders which can enhance the coverage provided by your term plan. Here, we have compiled a list the top 10 best performing term insurance plans in India. You can read about each plan in brief to get an idea about what each plan has to offer in terms of benefits, so you can decide which one is best suited for your needs. Read More...

Term Insurance Vs. Endowment Policy

Life insurance has become a must-have in today’s times which can help provide much-needed protection to our dependents in case of an uncertainty. For those looking to purchase a life insurance policy, there is no dearth of choices. To address diverse needs, there are different types of life insurance policies that are available, such as, endowment policies, term insurance policies, unit linked insurance policies, and more.

For those who may be considering between an endowment policy and a term insurance policy, we bring a very helpful comparison between the two in this article. Read about the basic differences between these two policies on various parameters such as who they are ideal for, benefits associated with each policy, sum assured, etc., so you can decide which one is best for you. Read More...

Term Insurance Plan with Maturity Benefits Reviews

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  • Bajaj Allianz Life Life Insurance
    "Can do Better"
    0.5 4.0/5 "Great!"
    The coverage value is fine in Bajaj Allianz and benefits are good. I didn't interact much with the agent but at the time of purchasing the policy they have coordinated very well. The policy coverage is minimum, the tax benefits and financial security for unforeseen events is there.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Based on the benefits and returns i have chosen this life insurance corporation of India . I am satisfied with the amount which am making for the policy . Am making the payment yearly through online with tenure period of 20 years . This policy cover accidental benefits and critical illness benefits . Overall am happy with it.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Benefits should be increased"
    0.5 4.0/5 "Great!"
    I have not much interacted with the customer support of LIC, but their agents are professional. In Jeevan anad policy the maturity value is lesser for 15 years. I make the premium of Rs. 30,000 per annum. After the tenure period I will amount around Rs 4 lakhs. LIC is providing financial security for unforeseen events but need to concernate on benefits.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    Name of the LIC policy is Jeevan Ankpur and tenure is 16 years. The yearly premium is 5061 rupees which I pay through net banking or cheque. The customer service and response was excellent. The benefits are good, it includes accidental or incase of death they will provide sum assured of 10% every year up to 18years of my daughter.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 18, 2019
  • Max Life Insurance
    "Good for tax saving"
    0.5 4.0/5 "Great!"
    AXIS bank suggested Max life its good for the income tax benefits under 80c section, the premium amount is around Rs. 50,000 for 6 years term. On time I got the policy copy, the payment option is good, I need to wait for 20 years but pre closure option is available.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Must Have"
    0.5 5.0/5 "Blown Away!"
    Its is feasible and I can get the loan based on the policy coverage. I took the Jeevan anand policy probably I make the premium around Rs. 15,000 per year it has term of 20 years, Almost I paid it for 15 years , remaining 5 years to go. LIC Is good for tax benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took life endowment policy , and the agent had properly explain me out the plan benefits and policy coverage , he had explained me clearly and advise me which insurance is good for me and i pay premium on quarterly basis,i use to pay premium up to 14000 through on line, i have two policy second policy premium i use to pay 25,000 as an yearly basis,and there patrol is good,they use to update me if any policy they use to update me, i use to pay through on line mode, through neft transfer.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good for tax benefits with safe investment"
    0.5 4.0/5 "Great!"
    I have one LIC Policy for Rs. 60,000 in an annual basis I make the premium, its good for the tax benefits. The policy which I took is jeevan anand has the policy term of 20 years. However it has the locking period of three years. I can view the statement through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Good Policy to take"
    0.5 4.0/5 "Great!"
    LIC is providing lots of tax benefits policy hence i have chosen the policy with them. I have taken the Jeevan Anand policy. I used to make the premium amount through online. I'm very much satisfied with the sum assured amount. Total tenure period of the policy is 15 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have money back policy policy with LIC, it has premium of Rs. 10,000 per annum. It gives the maturity benefits after 20 years of the tenure period, I used to get the bonus amount around Rs. 40,000 for every five years it has the tax benefits too.
    Was this review helpful? 1
    , malda
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Better to invest"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy from LIC which was taken before 10 years through an agent. Every 4 years once they are providing good benefits like bonus points. The agent was very helpful. I got the insurance paper. I am paying the premium every quarterly 1000 rupees through online.
    Was this review helpful? 1
    , pondicherry
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have taken some policy with LIC, I could not recall the name of the life insurance. But it has the term of 15 years, I need to pay only for 10 years, I get the coverage for whole year. They are providing tax benefits with the life insurance premium and it has life coverage.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 09, 2019
  • Tata AIA Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a term plan from TATA AIA and it was taken recently before 3 months. The premium is reasonable and have taken the plan for 46 years and it will be regular payment If I am not survive then family will be getting the benefits. The sum assured is 32K. I got the insurance paper.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 14,000 it is nominal , and i use to pay the premium amount through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "Its Better"
    0.5 5.0/5 "Blown Away!"
    I have Jeevan anand policy from LIC, they are providing good service to the customer. My policy has the tenure of 30 years, I need to pay the premium upto 25 years but the coverage value is nice for whole year. They are providing tax benefits for the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
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